Markets Open Higher Amid Positive Asian Cues; PSU Banks, IT, Auto Lead the Rally
Indian equity markets kicked off Friday’s trading session on a positive note, buoyed by strong cues from Asian peers. Early buying interest was seen in key sectors such as PSU banking, IT, and automobiles, lifting the benchmarks in morning trade.
As of 9:25 AM, the BSE Sensex rose 228.15 points or 0.28% to trade at 81,590.02, while the Nifty 50 advanced 55.10 points or 0.22% to 24,848.35.
The Nifty Bank index also gained 102.35 points or 0.18%, reaching 55,679.80. However, broader market indices showed mixed signals:
- Nifty Midcap 100 was slightly down by 16.85 points or 0.03%, trading at 57,143.10
- Nifty Smallcap 100 slipped 62.50 points or 0.35% to 17,950.60
Market Outlook and Key Levels
Analysts note that the Nifty continues to consolidate within a tight range of 24,500–25,000, a pattern that’s persisted for nearly a month. According to Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, a breakout will hinge on global geopolitical developments.
“The upper end of the range could be breached if tensions ease between Israel and Iran, or if the conflict sees a sudden resolution,” he said.
“However, strong domestic institutional support will likely cushion any downside unless crude prices rise sharply above $85 per barrel.”
Top Gainers and Losers
Among the top gainers on the Sensex were:
- Bajaj Finserv
- UltraTech Cement
- Mahindra & Mahindra (M&M)
- SBI
- Axis Bank
- Sun Pharma
On the flip side, major laggards included:
- IndusInd Bank
- Bajaj Finance
- Tech Mahindra
- Kotak Mahindra Bank
- Power Grid
FIIs, DIIs Continue Bullish Streak
Foreign Institutional Investors (FIIs) extended their buying spree for the third consecutive day on June 19, purchasing equities worth ₹934.62 crore. Meanwhile, Domestic Institutional Investors (DIIs) also maintained their bullish stance with ₹605.97 crore in equity purchases.
Global Markets Snapshot
Most Asian markets opened in the green, with Japan, South Korea, Hong Kong, China, and Bangkok registering gains. Only Jakarta bucked the trend, trading in the red.
US markets remained closed on Thursday in observance of Juneteenth National Independence Day. In the previous session (Wednesday):
- Dow Jones ended lower by 44.14 points at 42,171.66
- S&P 500 dipped 1.85 points to 5,980.87
- Nasdaq edged up 25.18 points to close at 19,546.27
